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Will i get a high st mortgage
frank3030
Posts: 23 Forumite
I am a first time buyer who has completed an iva in 2010 will i be able to get a mortgage from a high st bank i have a 10% deposit i have being building my credit files up over last year or so they are all clean.I did do an online application with nationwide but got refused they did not tell me why but i guess it is to do with the past iva.Would i be better of going to a mortgage broker.I don`t want to keep applying for mortgages and getting refused damaging my credit file further. Does anyone know which high st lenders are more likely to offer me mortgage or am just wasting my time any advice would be great.
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With an IVA as recently as 2010 your credit file is anything but clean. At 90% you will struggle. Highly unlikely to get anywhere.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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And the award for understatement of the year goes to GMS for his use of the word "struggle" ;o)I am a Mortgage Adviser
You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Im not sure you would get a mortgage anywhere with a 10% deposit, let alone a high street lender.
Double it and you stand a decent chance of getting a mortgage but unlikely to be with a high street lender.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
How long would i have to wait before i would be accepted for a mortgage? Will i ever get a mortgage in the future? Also will the iva effect me for rest of my life. sorry for so many questions I will just have to keep saving for a higher deposit if it will help.0
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If you can get to 20% maybe 15% id be confident you could get a mortgage so it just depends how quickly you can save that extra up.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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Just keep on saving. As time passes, your equity will go up and your IVA will retreat into history. Provided you don't get discouraged and stop saving, you will reach a point where you become a viable customer for some lenders. At present progress, I imagine you will reach 20% in another 2 years, which will put the IVA 4 years behind you. You will look a heap more viable then you do at the momentHow long would i have to wait before i would be accepted for a mortgage? Will i ever get a mortgage in the future? Also will the iva effect me for rest of my life. sorry for so many questions I will just have to keep saving for a higher deposit if it will help.Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0
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